Used car values hit one-year high at BCA
Used car values at BCA reached their highest values in a year in July, while sold volumes were up by 14% compared to June.
Average values of used cars were recorded at £7,800 last month. That is an increase of £233, or 3.2%, compared to June, as wholesale demand across most sectors remained positive.
Whilst values on older cars declined across June and July and into August, prices have generally remained stable. Demand for electric vehicles has been particularly positive over the last four months with over 1,200 transactions, and first-time conversions averaging over 80% across the wider EV range.
Stuart Pearson, BCA COO, said:
“The used car sector continued to exhibit a great deal of stability in July, as BCA recorded the highest monthly value in 12 months. Significant buyer engagement and an improving mix of stock combined to drive sold volume upwards, well ahead compared to June and the same period last year.
“2024 has definitely been a year of recovery following the pricing volatility in the final quarter of 2023 and, in particular, the consistency of the last few months has done much to promote confidence across the wider used car market.”
Used car values
He continued: “With signs that economic pressures are starting to ease, the expectation is that consumers should also start to feel the benefit and some of those deferred purchases will be made as we exit the summer months and move into the final quarter of the year.
“With retail stock levels running generally low, we’re already seeing a few early movers get ahead of the expected positive bounce that the market can take as we move out of the school holiday period. It all points towards a strong and stable market for some months to come.”
